Daijiworld Media Network - New Delhi
New Delhi, Jul 7: Finance Minister Nirmala Sitharaman on Tuesday called on India's toy industry to set more ambitious goals and strive to secure a quarter of the global toy market, which is expected to grow to $179 billion by 2032.
Speaking at the 17th Toy Biz International B2B Expo 2026, organised by the Toy Association of India in New Delhi, the Finance Minister said the domestic industry's growth targets should be aligned with the vast opportunities emerging in the global market.
She noted that while India's toy market is projected to reach $5 billion by 2034, the sector should aim much higher in view of the rapid expansion of the international toy industry.
Sitharaman emphasised that India's focus should not be limited to domestic growth but should extend to becoming a major global manufacturing and export hub for toys.
Highlighting the government's initiatives to strengthen the sector, she said stricter quality regulations and enhanced enforcement have played a crucial role in improving standards across the industry.
The Finance Minister said the Bureau of Indian Standards (BIS) has intensified inspections to ensure that only safe and quality-certified toys enter the Indian market, preventing the import of substandard products through ports, airports and retail channels.
She said these measures have helped create a healthier business environment for domestic manufacturers while ensuring greater consumer safety.
Sitharaman also referred to the National Action Plan for Toys, announced in the Union Budget for FY26, which seeks to establish India as a global centre for toy manufacturing.
The initiative envisages the development of dedicated manufacturing clusters, enhancement of workforce skills and the creation of an integrated ecosystem capable of producing innovative, sustainable and high-quality toys under the 'Made in India' brand.
She stressed that the government's vision extends beyond increasing production volumes, with multiple ministries and departments working together to provide comprehensive support for every stage of toy manufacturing, from design and production to marketing and exports.